Mahindra Trucks And Buses Sales Rise 19% In July, MTBD Outpaces SML

Mahindra & Mahindra reported combined trucks and buses sales of 3,009 units in July 2026, up 19% year-on-year. The business includes Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Ltd (SML), with the two operations reporting contrasting performances across cargo and passenger vehicle segments.

MTBD sold 1,406 vehicles during the month, registering a 27% increase over the previous year. Cargo vehicle sales rose 27% to 1,057 units, while passenger vehicle volumes also increased 27% to 349 units. Year-to-date MTBD sales stood at 5,357 units, up 16%.

SML Mahindra recorded total sales of 1,603 units in July, an increase of 12%. Passenger vehicle sales, primarily buses, rose 21% to 1,186 units, while cargo vehicle sales declined 7% to 417 units. Year-to-date, SML's total volumes increased 11% to 7,041 units, with cargo vehicles down 12% and passenger vehicles up 19%.

At the combined level, cargo vehicle sales across MTBD and SML increased 15% to 1,474 units, while passenger vehicle sales rose 23% to 1,535 units. Year-to-date combined sales reached 12,398 units, up 13% year-on-year.

Compared with June, when Mahindra reported combined trucks and buses sales of 3,249 units, July volumes declined to 3,009 units. The composition of sales also shifted. Combined cargo vehicle sales improved to 1,474 units in July from 1,138 units in June, while passenger vehicle volumes moderated to 1,535 units from 2,111 units. Despite the lower sequential volumes, the overall trucks and buses business recorded a stronger year-on-year growth rate of 19%, compared with 5% in June.

"Despite some headwinds on cost front, India's truck and bus industry is witnessing good growth, driven by continued infrastructure investment, rising freight demand, and an accelerating fleet replacement market. With these drivers converging, the sector is well positioned for sustained growth going forward," said Vinod Sahay, Executive Chairman – SML, President – Aerospace, Advanced Technologies, Trucks, Buses & CE, M&M.